Issue - meetings

This report sets out the capital programme for 2024/25 to 2028/29, and in particular sets out proposals to continue the Council’s approach to prioritise investment in the economy, housing, transport and to invest to save including energy efficiency.

Recommended:

                      i.         That Council agree to the revised capital programme of £395.186m that reflects a net overall increase of £56.409m (as set out in table 2 and in Annex A). Key elements of this include:

a)   New schemes funded by prudential borrowing totalling £3.353m as set out in table 3;

b)   Extension of prudential borrowing funded Rolling Programme schemes totalling £25.025m as set out in table 4;

c)   Extension of externally funded Rolling Programme schemes totalling £6.030m as set out in table 5;

d)   New schemes funded by external grants totalling £3.844m as set out in table 5;

e)   An increase in HRA funded schemes totalling £18.157m funded from a combination HRA balances/capital receipts as set out in table 6;

                     ii.         That Council note the total increase in Council borrowing as a result of new schemes being recommended for approval is £28.378m the details of which are considered within this report and the financial strategy report;

                    iii.        That Council approve the full restated programme as summarised in Annex B totalling £395.186m covering financial years 2024/25 to 2028/29 as set out in table 12 and Annex B.

Reason:     To ensure the Council finances its captial programme.  

The Chief Finance Officer introduced the report and confirmed that £56m had been added to the Capital Budget, this accounted for the additional year added to the Capital Budget Programme.

The Executive Member for Finance, Performance, Major Projects and Equalities thanked officers for reviewing the Capital Budget with the Executive to ensure the Council continues to support essential projects. She outlined that often programmes in the Capital Budget had specific funding provided to the Council for the work, therefore money from the Capital Budget could not be used to cover spending in the overall Council budget.

The Executive Member for Housing, Planning and Safer Communities noted that £69m had been removed from the Capital Budget as it doesn’t reflect the Executive’s move to building 100% affordable houses. He outlined that there was an £11m increase in housing repairs, £1.8m in mould and damp repairs, and there had been positive progress in reducing the number of void properties.

Resolved:

                         i.         That Council agree to the revised capital programme of £395.186m that reflects a net overall increase of £56.409m (as set out in table 2 and in Annex A). Key elements of this include:

a)   New schemes funded by prudential borrowing totalling £3.353m as set out in table 3;

b)   Extension of prudential borrowing funded Rolling Programme schemes totalling £25.025m as set out in table 4;

c)    Extension of externally funded Rolling Programme schemes totalling £6.030m as set out in table 5;

d)   New schemes funded by external grants totalling £3.844m as set out in table 5;

e)   An increase in HRA funded schemes totalling £18.157m funded from a combination HRA balances/capital receipts as set out in table 6;

                        ii.         That Council note the total increase in Council borrowing as a result of new schemes being recommended for approval is £28.378m the details of which are considered within this report and the financial strategy report;

                      iii.         That Council approve the full restated programme as summarised in Annex B totalling £395.186m covering financial years 2024/25 to 2028/29 as set out in table 12 and Annex B.

Reason:     To ensure the Council finances its capital programme.